moveero appoints new CFO
moveero has named Anirudh Pandit as Chief Financial Officer (CFO), a move that sees Pandit take global responsibility for the company’s finance function.
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Pirelli revises TyreClub+ B2B platform
Ten years after first launching its B2B tyre sales platform, Pirelli has entirely revised TyreClub+ in order to make it easier and more efficient to use. The new platform was recently launched in Italy and Germany and will reach other markets during 2023.
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Britishvolt, UK car manufacturing and OE tyres
In May-2020, we needed a lift. We’d all been through the first and arguably harshest lockdown and Prime Minister Boris Johnson modified the COVID-19 message from stay at home, protect the NHS, save lives to stay alert, control the virus, save lives. In other words, not knowing that further lockdowns would follow, the PM was working towards easing restrictions and reopening the economy. Within the automotive sector many tyre specialists, garages and fast-fits had closed along with OEM factories and car dealerships. One result of the latter was that car production figures fell to post-war lows. What better time to back a British electric vehicle battery manufacturing gigafactory? Several projects came to the fore. There was even talk of Elon Musk considering a Tesla gigafactory in the UK. But it was BritishVolt that Boris Johnson put his name to.
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Trelleborg: No reason Yokohama deal shouldn’t be approved
Following the news that the UK Competitions and Market Authority (CMA) has opened an investigation into Yokohama’s acquisition of Trelleborg Wheel Systems (TWS), Trelleborg representatives have clarified that – in their view – “…there are no reasons why this deal should not be approved.”
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Competition and Markets Authority opens Yokohama/Trelleborg Wheel Systems merger investigation
The Competition and Markets Authority (CMA) has opened an investigation into the proposed merger of Yokohama Rubber Co. Ltd of Trelleborg Wheel Systems Holding AB (TWS). Writing in a statement published on 31 January, CMA officials stated that “pursuant to section 96(2A) of the Act that the merger notice provided by Yokohama [and TWS]…” meets “the requirements of section 96(2) of the [relevant] Act.” In other words, the CMA investigation is a formality for a merger of this kind.
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Bridgestone, Allianz commence European tyre insurance collaboration
Together with Allianz Partners, Bridgestone EMIA is rolling out a commercial vehicle tyre insurance programme as the first product in a partnership that will co-create new offers and services around each firm’s key areas of expertise. The programme is fully launched in Italy and being piloted in France, Germany, and the Benelux. The tyre insurance programme covers the replacement of flat tyres caused by sharp objects or curb side collisions, which are typically not protected in the case of damage.
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Yokohama HPT: a new chapter
Recent months have seen the appointment of a completely new leadership team at Yokohama’s UK distribution operation, Yokohama HPT Ltd. Well-known in the market for its high-performance passenger car tyre and wheel sales, the appointments signal the start of a new chapter. With that in mind, Tyres & Accessories visited the company’s Milton Keynes headquarters and distribution centre in order to meet with recently-appointed CEO Peter Fairlie; commercial director, Karl Naylor; and marketing manager, Lucie Dalton, in order to find out more.
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Goodyear job cuts: Unanswered questions in the UK and EMEA tyre markets
Goodyear’s decision to cut 5 per cent of its global salaried employees is shocking enough for the firm’s 72,000-strong worldwide workforce. However, the fact that senior executives directly linked that decision to the company’s worse-than-expected performance in the EMEA region (Europe Middle East and Africa) is giving employees in those countries extra cause for concern.
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Goodyear to cut 5% of salaried staff globally, $80 million 4Q loss expected in EMEA
Goodyear Tire & Rubber Company is planning “rationalization and workforce reorganization” actions that would result in a 5 per cent reduction in salaried staff globally, or about 500 positions. According to executives, the move has been prompted by the “challenging industry environment and cost pressure driven by inflation.” However it is also attributed to weaker-than-expected fourth-quarter results:
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Ceat: Q3 2022 financial results
Ceat Limited, an RPG Group company, reports consolidated revenue of Rs 27.27 billion (£269.9 million) for the three months to 31 December 2022, the third quarter of its financial year. This result represents a year-on-year increase of 13.0 per cent. EBITDA rose 61.8 per cent year-on-year to Rs 23.14 billion (£229.0 million), with an EBITDA margin of 8.5 per cent, up 256 bps compared with the same period of last year. Net profit stood at Rs 348 million (£3.4 million).
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Kenda the official tyre of Mick Extance Off-Road Experience Centre
Announcing a second partnership in as many weeks, Kenda and official UK importer Cambrian Tyres are pleased to confirm the brand’s status as official tyre of the Mick Extance Off-Road Experience Centre. As part of the new arrangement, Cambrian will supply the centre with Kenda motocross and enduro tyres.
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Solidium: Nokian Tyres Romania plans offer ‘good prospects for building the business on a new basis’
Publishing its second-half 2022 report on 25 January, Solidium Oy (Nokian Tyres’ largest single shareholder) expressed confidence in the Finnish tyremaker’s work last year.
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Liqui Moly 2022 turnover up 10% to 800m euro
Motor oil and additive manufacturer Liqui Moly has reached its annual target and remains on a stable growth course. The company was able to compensate for the loss of the Russian market and the generally difficult situation on the global market through its strategy and quick action. Managing director Günter Hiermaier is very satisfied: “Achieving such a sales result in these times is proof that both our team spirit is right and our products are in great demand worldwide.”
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Is Nokian Tyres a takeover target?
How the Russia-Ukraine war, the companys low share price and other challenges make Nokian Tyres prime takeover material for a premium brand with the money and desire
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Up to 49” – Sailun upgrading OTR tyre production
On 18 January, Sailun Group announced an 833-million-yuan (£99.63 million) investment to upgrade OTR tyre production at its plant in Qingdao, China. The upgrade will allow Sailun to produce OTR tyres in sizes up to and including 49-inch. The tyre maker intends to complete this upgrade and adjust its production portfolio within a period of ten months.
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